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Your FHSA timeline: What to invest in and when Nov 29th
Before you make an offer to buy your first home, you’ll have to determine your budget and save up enough money for a down payment (typically about 20% of the home’s value). That’s probably going to be a good chunk of change—Canada’s housing market is expensive, and if you put down less tha.... More »
Insurance for self-employed Canadians: What coverage do you need? Sep 5th
A common feature of employee benefit plans in Canada is insurance coverage. The types and amounts of insurance vary, and employees should consider their personal situation to determine if they need additional coverage beyond their group plan—as they often do.
If you are self-employe.... More »
TFSA contribution room calculator + MORE Aug 28th
TFSA contribution room calculator
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. Note that in the second box below, you should not “double count” contributions that you have withdrawn and then legitimately re-contributed in the following.... More »
Unlocking the Annuity Puzzle: Why Canadians avoid what seems to be the perfect retirement vehicle Dec 19th
The Annuity Puzzle is about a curious phenomenon in Canada: while life annuities sold by insurance companies seem to have all sorts of compelling reasons to acquire them, more often than not, retirees shun them.
Financial planner Robb Engen recently tackled this puzzle in his Boome.... More »
What is term life insurance and how, exactly, does It work? Feb 24th
When it comes to conversation-starters, life insurance generally doesn’t rank in the top 10. We get it—who wants to think about the end of their own life? But it’s important to know the ins and outs of life insurance coverage so you leave your loved ones financially secure in the event of your.... More »
Ontario Government Confirms OHIP Cuts for Travellers
– ratesupermarket.ca
After a six-day consultation the Progressive Conservative-led Government in Ontario has confirmed it will cut the out-of-country coverage previously provided under the province’s health plan. The Ontario Health Insurance Plan currently provides up to $400 per day for out-of-country inpatient services and up to $50 a day for emergency outpatient care. The Government says the plan costs around $2.8M to administer and pays out around $9 million a year in claims.
However, the claims paid out only represent about five percent of the average out-of-pocket costs for travellers, and has never fully replaced personal travel insurance.
In its April 24 proposal the government said, “this change will have no impact on 99.5% of Ontarians. OHIP data suggests, of those 40,000 Ontarians who do travel outside of Canada each year and require health services, over 90 percent obtain private travel health insurance.”
During the May 2 announcement confirming the PCs will move ahead with the cuts, Health Minister Christine Elliot said the plan was not good value for Ontarians, and encouraged travellers to find private travel insurance…
